Michiganders get a second chance, but could lose 401(k) and shirt, too.
Harry Yee was downsized from his auto industry job in October, and now he’s getting closer to being his own boss.
He’s among a growing number of Michiganders, from people taking auto industry buyouts to baby boomers in transition, who are interested in buying a franchise – running their own businesses with the help of a proven formula.
The number of companies selling franchises has grown 27% in Michigan since 2003, with 1,350 now operating, according to the Michigan Attorney General’s Office.The franchising explosion coincides with thousands of autoworkers taking buyouts, some large enough to let them consider entering food, fitness, check-cashing or an array of other businesses. Mark Cory, who owns the Franchise Network in Detroit and helps match people to the 100 franchise companies he represents, said business has been steady since he opened in 2002. He said half of his clients are leaving the auto industry, from which more than 80,000 workers have agreed to buyouts in the past year.
And despite having to invest long hours, franchisees say they value their freedom from the corporate world.
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